IT’S OFFICIAL: America Is Now A Banana Republic
Nov. 7, 2010
One of the hallmarks of banana republics, says the NYT’s Nicholas Kristof, is income inequality.
In some countries, the wealthiest 1% of the population takes home 20% or more of the national income.
And now the same is true in America:
The richest 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976. As Timothy Noah of Slate noted in an excellent series on inequality, the United States now arguably has a more unequal distribution of wealth than traditional banana republics like Nicaragua, Venezuela and Guyana.